These national credit bureaus are for-profit companies owned by their shareholders. They are not government entities or funded by the government. There are also independent, non-national, local credit bureaus throughout the country that are generally affiliated with one of the 3 national systems, but may not be owned by the national credit bureaus. Local bureaus are sometimes for-profit companies and sometimes non-profit associations of lender/members in a particular geographical area.
The 3 national credit bureaus are competitors of each other, and they do not normally share their credit information except in special cases. That is why it is important to order a credit report from all three credit bureaus.
Credit bureaus gather their consumer credit information by soliciting creditors such as credit card companies, banks, and lenders to join their systems and contribute their credit experience on consumers to the systems. In return for submitting information to the systems, creditor members may use the system to obtain credit information on consumers to approve credit decisions or review existing consumer accounts.
Credit bureaus are generally regulated by the Fair Credit Reporting Act (FCRA), which is the Federal law generally covering credit bureaus and credit reporting in this country. Individual states may also have their own versions of the law.
Under Federal law credit bureaus and credit reporting companies known as CRAs (consumer reporting agencies) have numerous responsibilities to protect consumers and their credit information. A Summary of the FCRA is at http://www.creditreporting.com/fair-credit-reporting-act-law.html . The complete text of the Federal law is at http://www.ftc.gov/os/statutes/fcra.htm
The credit reporting industry has designated a single toll free number that will allow consumers to opt out of promotional mailing lists sold by credit bureaus. The system is an interactive voice mail that requests information necessary to opt out of such lists.
Consumers should call (888) 5 OPT OUT and follow the voice prompt. Once the information is recorded, an e-mail is sent to the three bureaus daily and posted to consumer files. The number is available 24 hours a day.
Equifax
Equifax Credit Information Services, Inc P.O. Box 740241 Atlanta, GA 30374 To order report: 1-800-685-1111 To report fraud: 1-800-525-6285 Web site: www.equifax.com Experian (formerly TRW)
National Consumer Assistance Center PO Box 2002 Allen, TX 75013 To order report: 1-888-397-3742 To report fraud: 1-888-397-3742 Web site: www.experian.com TransUnion LLC
Consumer Disclosure Center P.O. Box 1000 Chester, PA 19022 To order report: 1-800-888-4213 To report fraud: 1-800-916-8800 Web site: www.transunion.com
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